Word: boost
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Dates: during 1950-1959
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...trainmen, and 62-year-old Roy 0. Hughes, president of 38,000 conductors. For 17 months, Kennedy and Hughes had been demanding that the carriers cut the work week in yards from 48 hours to 40, at the same time grant a 31?-an-hour wage boost so that yardmen would make as much money as when they worked the full 48. Actually, wages would be higher, since workers would get in more overtime at time-and-a-half. Similar demands were made on behalf of 168,000 trainmen and conductors who worked out on the roads. When management balked...
Roads Seized. At the urging of Dr. John Steelman, Harry Truman's labor adviser, management made another offer. To the fact-finders' offer, they added a 5?-an-hour boost for all hands and an escalator clause guaranteeing a 1? wage boost with every one-point rise in the cost of living. Still Kennedy and Hughes said no. To show they meant business, they ordered a token strike in three terminals and two feeder railroads. Last week, apparently in a more amenable mood, they promised Steelman that they would not extend the token strikes. But 45 minutes later...
...help write the new wage agreement, 45-year-old Chrysler Vice President Lester Colbert sat in on negotiations, the first top production executive to do so in more than a decade. To automen, this was almost as significant as the pay boost...
...fortnight ago, Treasury Secretary John Snyder reaffirmed his cheap money policy. He announced that the Government would keep its interest rate at 1¼% when it refunds $13.5 billion in Government securities in September and October, biggest refunding at one time in history. In turn, FRB approved a boost in the discount rate in the New York area from 1½% to 1¾% as a warning to Snyder (TIME, Aug. 28). Last week Federal Reserve Banks across the U.S. upped their discount rates, thus putting pressure on bankers to raise their interest rates on commercial loans...
...enough to scare off borrowers. At the same time, a slight increase in Treasury's rate would add considerably to the burden of carrying the national debt-i.e., an increase of ⅛ of 1% in the Treasury's short-term interest rate would boost the interest bill on the national debt by about $65 million...